Materials:
Spare Key (preferably with Key Ring)
Strong Magnet (old hard drive magnets are ideal)
Electrical Tape
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Reading the comments, some are potentially troublesome so I'll mention some things to keep someone from getting disastrously misinformed reading these:
The first item is that electrical tape is the ONLY tape to use, as it will not loosen up and fall off with time, but it is the only easily obtainable tape I am aware of that can get wet and still be removed and not leave a residue. Wrap something with masking tape, duct tape, or even scotch tape and leave it outside for a couple of rains and try to remove the tape then, especially on something like a key. You'll be in trouble.
The next thing to be aware of is that electrical tape sticks best to itself, so plan accordingly when wrapping a key.
Lastly, I dispense with the magnet and simply tape the key to an easy to reach body support inside the fender well. If you tape the key completely it is pretty indistinguishable as a key, and after a couple of days you'll have to look closely where you put it to find it, and it will always be ready for you in a pinch.
It's a great idea any way you implement it, I'm not the type of person to share my work (I'd rather spend that time working on something else), but i'm always glad to see others do so.
someone *might* check the wheel wells for one of the magnetic boxes, but again, it's a dirty obvious thing to do, and there are much easier ways to steal a car